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<br />I Council Meeti ng Minutes Page 3 <br />August 14, 1990 <br />Public Hearing, continued <br /> <br />I <br /> <br />I <br /> <br />Staff determi ned the fi na 1 proj ect cost wi 11 be $446,886.97. The <br />street portion and the storm sewer portion are projected at <br />$355,371.07 and $81,989.47, respectively. The miscellaneous sewer <br />and water services portion will be $9,526.43. <br /> <br />According to assessment policies: 25% of the street surfacing <br />costs; 100% of the curb costs on streets with no existing curb; and <br />50% on streets with existing bituminous curbing, are special <br />assessed. The storm sewer is speci a 1 assessed based on the <br />contributing drainage area of each lot. Utility service stubs are <br />100% special assessed against the property. <br /> <br />Staff recommends the assessments be levied over a 10 year period <br />with interest charged at a rate of 8.5% on the unpaid balance. If <br />preferred, a res i dent has up to 30 days from adopti on of the <br />assessment to pay the full amount at no interest. A deferment <br />arrangement is available for senior citizens with qualifying income. <br /> <br />Sue Hobot, 1575 Long Lake Road, questioned the procedures used for <br />determi ni ng the storm sewer assessment on her property. Proper <br />explained the procedure and noted that maps of the drainage areas <br />are available at City Hall. <br /> <br />Fred Rosenkranz, 1521--14th Avenue, strongly objects to the <br />assessment, and noted that trees have been damaged on his property. <br />Mr. Rosenkranz requested a senior citizen deferment and staff will <br />provide the forms and evaluate the tree damage. <br /> <br />Richard Hobot, 1575 Long Lake Road, requested explanation of the <br />City's need and use of the additional 1.5% interest over the bond <br />interest. Proper said the City sells bonds for improvement projects <br />and these bonds are pa i d back from assessments over a peri od of <br />years. The 1.5% is to cover time delays between the issuing the <br />bonds and collecting of money in assessments. <br /> <br />Motion by Benke, seconded by Brandt Rebelein, to CLOSE THE PUBLIC <br />HEARING. <br /> <br />3 Ayes - 0 Nayes, Motion Carried <br /> <br />Motion by Brandt Rebelein, seconded by Larson, to WAIVE THE READING <br />AND ADOPT THE RESOLUTION ADOPTING ASSESSMENTS ON LONG LAKE AREA <br />STREET RECONSTRUCTION PROJECT 89-7. <br /> <br />3 Ayes - 0 Nayes, Motion Carried <br /> <br />Public Hearing <br /> <br />Special Assessment for <br />Long Lake Area Street <br />Reconstruction <br />Report 90-176 <br />Resolution 90-70 <br />